{smcl}
{com}{sf}{ul off}{txt}{.-}
      name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_1.smcl
  {txt}log type:  {res}smcl
 {txt}opened on:  {res}31 Oct 2025, 09:34:02
{txt}
{com}. /* Define local and global variables */
> 
> do global;
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Valuation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. do "../3 Estimation/global";
{txt}
{com}. /* global.do (STATA)
>         Define global variables in "Estimation".
>         by Ralph Koijen & Motohiro Yogo */
. 
. #delimit ;
{txt}delimiter now ;
{com}. clear all;
{res}{txt}
{com}. global macro = "LgdpP LgdpPpc Gcpi vol drate";
{txt}
{com}. global bilateral = "dist";
{txt}
{com}. global dummies = "Iown I_CR I_OC Iyear_*";
{txt}
{com}. global dummiesA = "Itype_*";
{txt}
{com}. global iv = "IVexdemand";
{txt}
{com}. global ivA = "LSdelta*";
{txt}
{com}. 
{txt}end of do-file

{com}. global step_W = 1;
{txt}
{com}. global step_fx = .5;
{txt}
{com}. global step_mb = .5;
{txt}
{com}. global Nstep = 1e4;
{txt}
{com}. global Mgap = 1e-9;
{txt}
{com}. 
{txt}end of do-file

{com}. /* Call the ado file */
> 
> forval y = 2003/2004 {c -(};
{txt}  2{com}.         forval t = 1/3 {c -(};
{txt}  3{com}.                 Valuation 0 `y' `t';
{txt}  4{com}.         {c )-};
{txt}  5{com}. {c )-};
2003
0     1     1.954e-14     1.954e-14     8.882e-16
1     1754     3.829e-10     9.968e-10     2.438e-08
2     1296     3.836e-10     9.982e-10     2.442e-08
3     1619     3.828e-10     9.947e-10     2.430e-08
4     1545     3.878e-10     9.996e-10     2.432e-08
5     1147     3.292e-10     9.848e-10     2.034e-08
6     1375     3.880e-10     9.926e-10     2.432e-08
2003
0     1     2.132e-14     2.154e-14     2.665e-15
1     1581     3.692e-10     9.940e-10     2.192e-08
2     1054     3.848e-10     9.957e-10     2.303e-08
3     1269     2.467e-10     9.997e-10     1.353e-08
4     1397     3.541e-10     9.847e-10     2.116e-08
5     1037     3.929e-10     9.912e-10     2.335e-08
6     1155     3.428e-10     9.976e-10     2.053e-08
2003
0     1     2.842e-14     2.753e-14     8.882e-16
1     958     3.830e-10     9.989e-10     2.256e-08
2     1215     4.556e-10     9.676e-10     1.092e-08
3     1326     2.752e-10     9.429e-10     1.544e-08
4     1554     4.987e-10     9.947e-10     3.268e-10
5     1054     3.152e-10     9.510e-10     5.984e-09
6     1096     3.737e-10     9.967e-10     2.049e-08
2004
0     1     2.398e-14     2.309e-14     2.665e-15
1     1767     3.891e-10     9.989e-10     2.558e-08
2     1259     3.878e-10     9.959e-10     2.550e-08
3     1593     3.877e-10     9.954e-10     2.538e-08
4     1514     3.919e-10     9.973e-10     2.543e-08
5     1239     3.914e-10     9.961e-10     2.537e-08
6     1309     3.914e-10     9.964e-10     2.536e-08
2004
0     1     2.842e-14     3.020e-14     2.665e-15
1     1684     3.888e-10     9.956e-10     2.448e-08
2     1135     3.897e-10     9.980e-10     2.454e-08
3     1339     3.937e-10     9.989e-10     2.510e-08
4     1497     3.853e-10     9.975e-10     2.521e-08
5     1295     3.861e-10     9.970e-10     2.525e-08
6     1233     3.872e-10     9.999e-10     2.534e-08
2004
0     1     3.375e-14     3.197e-14     8.882e-16
1     412     3.901e-10     9.967e-10     2.443e-08
2     1133     3.910e-10     9.962e-10     2.438e-08
3     1350     3.802e-10     9.940e-10     2.306e-08
4     1283     3.881e-10     9.960e-10     2.278e-08
5     1042     3.871e-10     9.971e-10     2.269e-08
6     1200     3.858e-10     9.938e-10     2.261e-08
{txt}
{com}. log close;
      {txt}name:  {res}<unnamed>
       {txt}log:  {res}C:\Users\myogo\Princeton Dropbox\Motohiro Yogo\Koijen Yogo - International\JPE\Replication\Code\6 Valuation\Valuation0_1.smcl
  {txt}log type:  {res}smcl
 {txt}closed on:  {res}31 Oct 2025, 11:07:46
{txt}{.-}
{smcl}
{txt}{sf}{ul off}